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Due to the increasing demand of renewable energy production facilities, modeling geothermal reservoirs is a central issue in today's engineering practice. After over 40 years of study, many models have been proposed and applied to hundreds of sites worldwide. Nevertheless, with increasing computational capabilities new efficient methods are becoming available. The aim of this paper is to present recent progress on seismic processing as well as fluid and thermal flow simulations for porous and fractured subsurface systems. The commonly used methods in industrial energy exploration and production such as forward modeling, seismic migration, and inversion methods together with continuum and discrete flow models for reservoir monitoring and management are reviewed. Furthermore, for two specific features numerical examples are presented. Finally, future fields of studies are described.